“I think what we can say though is as you look at the next couple of rate rises, I think you're going to start to see more acceleration.”

In context

“ic guides and given how much the quality of your deposit base has changed for the better over the past several years, I'm wondering if you could give us a sense of what that beta range that you're assuming by year-end on a cumulative basis that underpins that guide? Charlie Scharf: Yes. Yes, Erika, I think that's a really hard thing to give a pinpoint number on at this point in the cycle, to be honest with you. And if you think about -- and it's -- there's so many moving pieces right now, I think, between -- particularly as you sort of get to year-end and the pace of rates? And what exactly is the Fed going to do and when are they going to do it? And so I think there's a lot that goes into that, that trying to get a -- one number is a hard thing to say with a lot of confidence in my view. I think what we can say though is as you look at the next couple of rate rises, I think you're going to start to see more acceleration. On the retail and the consumer side, the core -- deposit core rates haven't changed much for the big banks at this point yet. So you'll start to see that happen over the next couple of rate rises, the betas will still be pretty small. However, that will start to pick up just depending on how fast the Fed goes by year-end. And then I think on the other side of the spectrum on the corporate investment bank and those deposits, whether it's in the FI space or the large corporate space, you're seeing those betas pick up a lot already. So those will continue to accelerate. And so when you look at cumulative betas, you really have to look at and you start to compare different banks, you're really going to have to look at the mix of the deposits. And the CIB deposits are just a much smaller piece”